One of Mike McNeely's favorite pastimes as a teenager was taking his old car apart and putting it back together again. After graduation, Mike started working as a mechanic for his Uncle Larry's auto repair shop. Many of the customers have specifically asked Mike to work on their cars because they know Mike does the best work and is honest.
It has been 10 years since Mike started this job. Now he is considering opening his own auto repair shop. He saved up some money, and he thinks his rich Uncle Buck will lend him the rest. He has started writing a business plan and so far has (a) a description and appraisal of the market area, (b) an analysis of the competition, (c) a list of potential suppliers, (d) a list of purchasing and pricing procedures, and (e) a list of personnel needed with job descriptions.
What important items are missing from Mike's plans?
Do you see any problems with Mike's existing plan?
What steps can Mike take to insure success if he starts his own business